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The Personal Loan Agreement With Notary is essential for formalizing personal lending transactions in Nigeria, providing a legally robust framework for both lenders and borrowers. This document is typically used when parties require a higher level of security and authenticity in their lending arrangement, particularly for significant loan amounts or when institutional lenders are involved. The agreement must comply with Nigerian contract law, the Money Lenders Act, and notarial requirements, making it particularly suitable for formal lending situations where legal enforceability is paramount. It includes comprehensive details about the loan terms, repayment schedule, security arrangements, and default provisions, while the notarial authentication adds an extra layer of credibility and helps prevent future disputes about the document's authenticity or the parties' intentions.

1. Parties: Identifies the Lender and Borrower with their full legal names, addresses, and contact information

2. Background: Brief context of the loan arrangement and the parties' intention to enter into this agreement

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Loan Amount and Purpose: Specifies the principal amount being lent and the stated purpose of the loan

5. Interest Rate and Calculations: Details the agreed interest rate, calculation method, and compliance with Nigerian usury laws

6. Repayment Terms: Specifies payment schedule, installment amounts, and payment methods

7. Security: Details of any collateral or security provided for the loan

8. Representations and Warranties: Statements of fact by the borrower regarding their ability to repay and legal capacity

9. Borrower's Covenants: Ongoing obligations of the borrower during the loan term

10. Events of Default: Circumstances that constitute default and consequences thereof

11. Remedies: Lender's rights and remedies in case of default

12. Notices: How formal communications between parties should be made

13. Governing Law: Confirms Nigerian law as governing law and jurisdiction

14. Execution: Signature blocks including notarial attestation requirements